Arbitration procedures and practices in Mongolia discussedSociety
Ulaanbaatar /МОНЦАМЭ/. On October 16, Mongolian National Chamber of Commerce and Industry (MNCCI) hosted a meeting under the theme “Court participation in arbitration and challenges” with participation of public and private sector representatives. The event also coincided with the 90th anniversary of the establishment of domestic arbitration in Mongolia and 60th anniversary of international arbitration in Mongolia.
Opening the event, Chairman of the MNCCI O.Amartuvshin noted the importance of arbitration outside of courts as a fast method to handle disputes and to reduce the burdens imposed on courts since there are more than 93 thousand companies in active operations in Mongolia, undertaking more than 500 thousand contracts with each other annually. “However, only 0.2 percent of all cases in Mongolia undergoes arbitration. Therefore, we are in need of improving arbitration activities in Mongolia, which leads to enhancement of the country’s business and investment environment” he said.
Representatives from business and law companies took part to deliver presentations on court participation in arbitration proceedings, differences and roles. There are 77 arbitrators working in Mongolia’s arbitration organizations, 29 of whom are from foreign countries, such as China, Russia, Japan, Hong Kong, Poland, Germany, Singapore, Australia, USA and UK. On top of that, Mongolian arbitrators are employed in foreign countries for arbitration proceedings.